The following information is available for Pharoah Corporation's inventories: December 31, 2022: At cost: $598000 At lower of cost and net realizable value (NRV): $533000 December 31, 2023: At cost: $796000 At lower of cost and net realizable value (NRV): $741000 Pharoah uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV Pharoah's 2023 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV) will include a debit of $55000 to Loss on Inventory Due to Decline in NRV Odebit of $10000 to Allowance to Reduce Inventory to NRV debit of $55000 to Allowance to Reduce Inventory to NRV. credit of $55000 to Recovery of Loss Due to Decline in Inventory.